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Business & Money

Sticking to the Knitting:
Fortnightly Magazine - March 2005

consolidation during the 1990s. Numerous old-line utility names like Central & Southwest, Northern States Power, Philadelphia Electric, GPU, and NYSEG are no longer around. Entering 2005, maybe that's what a back-to-basics strategy will be-a return to M&A and industry consolidation.


    2. To be included in this analysis, a company had to provide electric power services to regulated energy end-use customers. We excluded those companies that had an equity market capitalization of under $500 million, as well as companies in the midst of bankruptcy proceedings. Also not included are companies that have not been publicly traded for this observation period of 2002-2004.

    3. A 10-year view provides a context for these returns: For the period 1995-2004, the S&P 500 returned a total of 212 percent versus the electric power industry return of 173 percent.

    4. Jan. 30, 2004, Q4 2003, Constellation Energy Earnings Conference Call, Mayo Shattuck, chairman, president and CEO, Constellation Energy Group, Inc.


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